A decade of financial education in Spain: bridging the gap between real and self-perceived financial literacy

Bachiller, Patricia (Universidad de Zaragoza) ; Martín Vallespín, Emilio (Universidad de Zaragoza)

Resumen: Purpose: This paper aims to examine the level of financial literacy of the population in Spain and the evolution of the self-perceived financial level and the actual knowledge of basic financial matters. Education alleviates economic poverty and social exclusion; therefore, the study of financial literacy is especially relevant and the analysis of vulnerable groups’ financial literacy may help us to establish guidelines in future financial education plans. Design/methodology/approach: The study combines an analysis of descriptive statistics of the questions from the Survey of Financial Competences carried out by the Bank of Spain in 2016 and 2021, an ordinal regression to analyze the relationship between financial literacy and financial self-awareness (interest rate, inflation and risk diversification) and a t-test for difference of means according to gender, age and income band to estimate the difference between population groups identified by literatures as potentially vulnerable. The number of observations is 8,554 in 2016 and 7,764 in 2021. Findings: Results suggest that the level of basic financial literacy in Spain is acceptable and there is a positive trend between 2016 and 2021. However, more complex questions show a lack of skills in transversal subjects, especially mathematics. Findings indicate that the most vulnerable groups include women, older adults and low-income individuals, as women tend to underestimate their financial knowledge, older adults experience greater difficulty with complex financial concepts and low-income individuals face structural barriers that limit their access to financial education. Most individuals are aware of their level of financial competence, and there is no cognitive dissonance because of overconfidence. Practical implications: The findings indicate the importance of financial education programs, which allows to mitigate poverty by increasing the level of financial literacy. The study shows the lack of mathematical skills limits individuals’ ability to understand and apply more advanced financial concepts that are necessary for effective financial management. Therefore, the adoption of a comprehensive approach that combines financial education with the strengthening of transversal skills is necessary. It is important to strengthen supervisory systems to evaluate the objectives of financial education programs. The necessary financial literacy requires constant adaptation of both financial education programs and assessment tools. Social implications: Financial literacy improved between 2016 and 2021, a period in which national financial education programs were actively promoted, highlighting the potential of such initiatives as effective tools to enhance financial inclusion. However, to maximize their impact, these programs must be tailored to the specific needs of the most vulnerable segments of the population, particularly women, older adults and individuals with low income, who consistently show lower levels of financial literacy. Strengthening financial skills within these groups can contribute not only to greater personal financial autonomy but also to broader social equity, aligning with the Sustainable Development Goal of reducing inequalities. Originality/value: This study goes beyond the analysis of financial literacy and aims to study the self-perception that the population has about their knowledge and the differences between population groups to understand which population groups are financially more vulnerable.

Idioma: Inglés

DOI: 10.1108/SAMPJ-06-2024-0598

Año: 2026

Publicado en: Sustainability Accounting, Management and Policy Journal (2026), [25 pp.]
ISSN: 2040-8021

Financiación: info:eu-repo/grantAgreement/ES/AEI/PID2024-159374NB-I00
Financiación: info:eu-repo/grantAgreement/ES/DGA/S56-25R
Financiación: info:eu-repo/grantAgreement/ES/UZ/JIUZ2024-CSJ-21

Tipo y forma: Article (Published version)

Área (Departamento): Área Economía Finan. y Contab. (Dpto. Contabilidad y Finanzas)